(a) (1) Except as provided in paragraph (2) of this subsection, this subtitle is applicable to all cooperative housing corporations.
(2) The articles of incorporation, bylaws, membership certificates, or proprietary leases of a cooperative housing corporation established before July 1, 1986 need not be amended to comply with the requirements of this subtitle.
(b) Section 5–6B–02 of this subtitle shall apply to the initial sale of cooperative interests being offered for sale on or after July 1, 1986, if on that date, the developer has not sold any cooperative interests to initial purchasers.
(c) The provisions of §§ 5–6B–02 through 5–6B–04 of this subtitle and §§ 5–6B–06 through 5–6B–12 of this subtitle are not applicable to cooperative housing corporations in which cooperative interests have been sold to initial purchasers prior to July 1, 1986 if by January 1, 1987, the developer has sold 75 percent or more of the cooperative interests to initial purchasers.
(d) (1) Except as provided in paragraph (2) of this subsection, the notice required by § 5–6B–05 of this subtitle shall be given to any tenant in possession of any portion of a residential rental facility on or after January 1, 1987.
(2) The requirements of paragraph (1) of this subsection do not apply to nonresidential tenants.
(e) Any security interest in a cooperative interest which is perfected in any manner and has attached prior to July 1, 1986 shall continue to be perfected on and after that date.
(f) (1) A corporation, trust, unincorporated association, or other entity existing on July 1, 1986 that desires to confirm its status as a cooperative housing corporation under this subtitle, shall file a resolution with the board of directors or governing body of the entity electing to confirm the status.
(2) If the entity is unincorporated, the entity shall file original articles of incorporation reflecting its status with the Department of Assessments and Taxation.
Structure Maryland Statutes
Title 5 - Special Types of Corporations
Subtitle 6B - Maryland Cooperative Housing Corporation Act
Section 5-6B-02 - Contract for Initial Sale of Cooperative Interest; Public Offering Statements
Section 5-6B-05 - Notice of Conversion to Tenants
Section 5-6B-06 - Option to Purchase
Section 5-6B-07 - Lease Extension for Designated Households
Section 5-6B-08 - Right of Local Governments to First Right of Purchase
Section 5-6B-09 - Authority of Local Governments to Require First Right of Purchase at Same Terms
Section 5-6B-11 - Deposits Made on Sale of Cooperative Interests Held in Escrow
Section 5-6B-12 - Consumer Protection Standards and Enforcement
Section 5-6B-13 - Cooperative Interests Not Security or Investment Security
Section 5-6B-14 - Restraints of Trade
Section 5-6B-15 - Applicability of General Corporation Law
Section 5-6B-16 - Cooperative Interest Deemed Personal Property
Section 5-6B-17 - Perfection of Security Interests and Cooperative Interests
Section 5-6B-18 - Assignment of Votes
Section 5-6B-19 - Meetings of Cooperative Housing Corporation, Governing Body, or Committee
Section 5-6B-20 - Distribution of Written Information
Section 5-6B-21 - Location of Meetings
Section 5-6B-22 - No-Impact Home-Based Businesses
Section 5-6B-23 - Election Related Candidate Signs or Signs Advertising Questions or Propositions
Section 5-6B-24 - Electronic Transmission of Notice
Section 5-6B-25 - Electronic Transmission of Votes or Proxies
Section 5-6B-26 - Examination and Copying of Books and Records of Cooperative Housing Corporations
Section 5-6B-26.1 - Reserve Study of Cooperative Housing Corporation -- Criteria
Section 5-6B-27 - Fidelity Insurance
Section 5-6B-28 - Books and Records
Section 5-6B-29 - Late Charges
Section 5-6B-30 - Dispute Settlements
Section 5-6B-31 - Eviction of Member